Is it time to bring back debtors prisons?

[Big Sharp Teeth]

Your friendly online loan provider thinks so...Link

"Think of how satisfying it would be as your neighbour who is always living beyond his or her means, the one who has been living the high life driving round in flash cars – we all know them – is carted off to prison for a couple of months because he doesn't make the repayments."

Some of their other blogs are interesting as well.

 

[Harry Angstrom]

APR rates range from 45.3% APR to 1575% Max APR

 

[Barnacle Boy]

Putting even more financial strain on taxpayers is definitely the answer to the country's debt problem

 

[Deleted member 7190]

Why don't we just ban these shysters who charge an exorbitant amount of interest instead?

 

[nyron4england]

Your friendly online loan provider thinks so...Link

"Think of how satisfying it would be as your neighbour who is always living beyond his or her means, the one who has been living the high life driving round in flash cars – we all know them – is carted off to prison for a couple of months because he doesn't make the repayments."

Some of their other blogs are interesting as well.

there already are. they just don't enforce it.

 

[The soap powder]

will never happen and its the people who are allowed to loan this money out at crazy rates and also to people they know cant afford to pay it back who are in the wrong

in my opinion put the loan sharks in prison

 

[Ambivalent Dave]

APR rates range from 45.3% APR to 1575% Max APR

I know who needs putting in prison

 

[b1gals]

The only debt allowed should be a mortgage. If you can't afford something, save up.

 

[Harry Angstrom]

The only debt allowed should be a mortgage. If you can't afford something, save up.

That would collapse the whole capitalist system. Brexit would be a vicar's tea party in comparison.

However, a good maxim for the individual

 

[parm]

its those bassas driving round in flash cars and living the high life

 

[Butcher's Coat]

The only debt allowed should be a mortgage. If you can't afford something, save up.

This.
Our society these days is a "I want it NOW" one.
It seems that only the baby boomers and older generations who will save up for things these days. Going into debt years ago for a luxury item was unheard of.
With the reliance on credit cards since the 80's - it seems the norm to put everything on a credit card, store card, or worst of all - using these "pay-day loans".

Nowt wrong with saving up.
And of course the old adage - "don't spend what you haven't got" should be drummed into kids leaving school and starting work these days IMHO.

 

[Summer Bee]

This.
Our society these days is a "I want it NOW" one.
It seems that only the baby boomers and older generations who will save up for things these days. Going into debt years ago for a luxury item was unheard of.
With the reliance on credit cards since the 80's - it seems the norm to put everything on a credit card, store card, or worst of all - using these "pay-day loans".

Nowt wrong with saving up.
And of course the old adage - "don't spend what you haven't got" should be drummed into kids leaving school and starting work these days IMHO.

The only ones who can afford to because they didn't have to spend 80% of their wages on rent and bills

 

[Butcher's Coat]

The only ones who can afford to because they didn't have to spend 80% of their wages on rent and bills

Or maybe they were the last generation to be brought up by their parents who had been through wartime Britain - who instilled in them the train of thought not to spunk their hard earned dosh on things they can't afford?

 

[ShoutyBearHead]

Or maybe they were the last generation to be brought up by their parents who had been through wartime Britain - who instilled in them the train of thought not to spunk their hard earned dosh on things they can't afford?

you obviously never saw the queues to pay weekly instalments in Joplings & Binns, or to catalogues etc during the 70’s - the country has always ran on tick

 

[Summer Bee]

Or maybe they were the last generation to be brought up by their parents who had been through wartime Britain - who instilled in them the train of thought not to spunk their hard earned dosh on things they can't afford?

Or maybe in the 70's the average wage in the UK was £32 p/w. The average house was worth just under £5k, and a new mini was £600 (155 weeks wage and9.3 weeks) Nowadays the average wage is £475 a week, with the average house now being £140k and a mini is £10500 (294 weeks and 22 weeks).
You also didn't have poll tax etc. to worry about

 

[West_Winger]

Or maybe they were the last generation to be brought up by their parents who had been through wartime Britain - who instilled in them the train of thought not to spunk their hard earned dosh on things they can't afford?

In which case they must be shit parents if their kids haven’t been taught the same thing.

 

[BackhouseParkRangers]

Or maybe they were the last generation to be brought up by their parents who had been through wartime Britain - who instilled in them the train of thought not to spunk their hard earned dosh on things they can't afford?

I’m up to paying 16% of my monthly salary now to give me about 50% of the pension that the generation you’re talking about got.

You’re also suggesting that your parents were the last generation to bring you up not to tick on loads of debt. Does that mean your generation brought kids up to spend above their means?

Well done sir.

 

[Summer Bee]

I’m up to paying 16% of my monthly salary now to give me about 50% of the pension that the generation you’re talking about got.

You’re also suggesting that since your parents were the last generation to bring you up not to tick on loads of debt. Does that mean your generation brought kids up to spend above their means?

Well done sir.

Didn't even think about pensions. I'll probably not live to see mine get paid.

 

[Butcher's Coat]

you obviously never saw the queues to pay weekly instalments in Joplings & Binns, or to catalogues etc during the 70’s - the country has always ran on tick

Different interest rates to what cards are today.
Also interest free deals were the norm then.

Or maybe in the 70's the average wage in the UK was £32 p/w. The average house was worth just under £5k, and a new mini was £600 (155 weeks wage and9.3 weeks) Nowadays the average wage is £475 a week, with the average house now being £140k and a mini is £10500 (294 weeks and 22 weeks).
You also didn't have poll tax etc. to worry about

Everything has gone up I grant you. Back in the 50's, 60's and 70's - the main bread winner in the family was the man going out to work and his wages covered the mortgage. The women earned money that was nowhere near the equivalent of today's female salaries. The point that JOINT incomes came into the mortgage equation was in the 80's - and it has fucked up since then.
Prior to the poll tax - you had the rates by the way, so no different.

In which case they must be shit parents if their kids haven’t been taught the same thing.

Maybe - if they haven't taught their kids the value of money, then that is their lookout - I certainly was.

I’m up to paying 16% of my monthly salary now to give me about 50% of the pension that the generation you’re talking about got.

You’re also suggesting that your parents were the last generation to bring you up not to tick on loads of debt. Does that mean your generation brought kids up to spend above their means?

Well done sir.

Again, if parents don't teach kids the value of money, then that is their lookout. My parents did.

 

[Summer Bee]

Everything has gone up I grant you. Back in the 50's, 60's and 70's - the main bread winner in the family was the man going out to work and his wages covered the mortgage. The women earned money that was nowhere near the equivalent of today's female salaries. The point that JOINT incomes came into the mortgage equation was in the 80's - and it has fucked up since then.
Prior to the poll tax - you had the rates by the way, so no different.QUOTE]
Agreed, but to initially say that we spunk money on things we can't afford is a bit poor. We can't afford them because of the banks/Government/greedy landlords. I've worked since I was 16 and still can't justify buying a car and driving because of the associated expense.